Vale posts increased net profit in Q3

Monday, 02 November 2020 21:36:14 (GMT+3)   |   Sao Paulo

Brazilian miner and iron ore producer Vale said net profit in Q3 this year rose 75.8 percent, year-over-year, and 192.2 percent, quarter-over-quarter, to $2.90 billion.

Vale attributed the stronger net profit to an increased EBITDA in Q3 and to the fact it had to incur on certain Samarco-related provisions in Q2 this year.

Vale said net revenues in Q3 grew 5.3 percent, year-over-year, and 43.1 percent, quarter-over-quarter, to $10.7 billion.

Vale also managed to reduce its net debt from $5.3 billion in Q3 2019 to $4.4 billion in Q3 this year.

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